1. How far do you live from your rental property? Can you get to the property quickly if a situation requires you to be on site?
Good property management requires regular external and internal inspections to make sure the property is in good repair, lawns are mowed and the rental is properly maintained. If you are too far away, this could be difficult and sometimes impossible to do correctly. Additionally, issues such as storm damage or water leaks should be investigated and photographed immediately to ensure a proper record of the incident, particularly if mold later becomes an issue or your insurer needs evidence of the damage.
2. How do you deal with stress? How thick is your skin?
How would you deal with each of the following situations:
- Your tenant loudly parties all night and the neighbors call the police.
- Your tenant violates community rules and restrictions
- Your tenant moves in a roommate without telling you.
- Your tenant decides to either not pay, or sue, or both.
- Your tenant gets two large dogs in your “no pets” rental
Are you finding these issues stressful currently? Do you think they would be if they happened to you? If so, a property manager may be just what you need.
3. Do you have experience with maintenance and repairs? Do you enjoy overseeing those repairs? Are you willing to be on call 24/7 to make sure repairs are done right and answer for it if they are not?
Not everyone enjoys taking on repair challenges.
4. Are you comfortable in confronting tenants about late payments or non-payment and potentially having to sue/evict them?
5. How well do you understand the real estate laws and are you willing and able to keep current with it?
This is more important than many potential landlords might think at first glance. Laws change constantly, and you are responsible for making sure that you know the current rules. If this is difficult (or if it is boring and tedious), then it may be time to consider a Property Manager.
6. Is managing your property the best use of your time?
This is a critical question. Given all of the answers above, is managing a property the best thing for you from a financial perspective, a family perspective, and a quality of life perspective? Oftentimes the answer changes and it is time to call a Property Manager.
Call The Real Estate Group today. We are happy to answer questions, discuss your situation and share our expertise. We would love to show you why so many landlords think TREG is the RIGHT CHOICE for property management.